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To Download CAD Annual Booklet 2012-13 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 CONTENTS Topic Page No. Foreword 1. Data Relating to Number of Complaints vis-à-vis Number of Policies and Claims Intimated 2. Policyholder Protection and Welfare – An update 3. A year after the launch of Consumer Education Website – A review 4. Usage of Social Media from Insurance Education Perspective 5. Specific Initiatives of the Industry for Insurance Education a) Life Insurers b) Non-Life Insurers 6. Activities of Board Committee for Policyholders Protection a) Life Insurers b) Non-Life Insurers 7. Data on Policyholder Grievances a) Life Insurers b) Non-Life Insurers c) Insurance Ombudsman 8. New Regulations for Standard Proposal Form for Life Insurers 9. Regulatory Framework for Grievance Redressal in the Insurance Sector Annexures : a) IRDA (PPHI) Regulations 2002 b) RPG Rules 1998 – Insurance Ombudsman c) IRDA Guidelines for Grievance Redressal by Insurance Companies d) Corporate Governance Guidelines - Mandatory Policyholder Protection Committee CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 FOREWORD Protection of interests of policyholders along with sectors, insurers were development of insurance sector in an orderly prodded for opening of manner is the prime mission of IRDA. Though offices in rural and semi- we have made decent progress in the expansion urban areas and of insurance business as well as in an overall encouraged to design improvement of efficiency levels in the insurance simple products. The services, the penetration of insurance is still low. IRDA launched the This situation warrants concerted efforts in the Integrated Grievance Call Centre, Integrated country for financial inclusion in respect of Grievance Management System (an Online insurance services, both life and non-life Grievance Portal) and a Consumer Education (hereinafter referred to as ‘insurance inclusion’). Website respectively during the last three years The goal of opening up the insurance industry will on this same platform of Annual Seminar. not be accomplished fully unless the insurance awareness is built up and insurance needs of During 2012-13, we have addressed various people are met, particularly amongst those living concerns of policyholders through suitable in rural and remote areas. The members of public regulatory interventions. IRDA has prescribed in these areas need to be made aware of the guidelines for servicing of orphan life insurance importance of insurance in managing risks faced policies. Besides standardising common by them in their day to day life. Making concerted definitions under health insurance, IRDA has efforts to promote ‘insurance literacy’ thus brought out Health Insurance Regulations. becomes an integral component for development Reflecting our concern for victims of motor vehicle of insurance industry towards achieving financial accidents, to enable the victim or his next of kin to inclusion. While talking about insurance inclusion ascertain the insurance status of the vehicle from supply side, availability of offices and ease responsible for the accident, a search facility has of access of intermediaries offering customized been provided through the Insurance Information and affordable insurance products, features of Bureau (set up under the aegis of IRDA) through which are explained in simple and easy to its web portal www.iib.gov.in. By clicking on understand form are required. To repose “Vehicle Insurance Status Search and furnishing confidence in the insurance sector in its ability to details of accident, Registration Number of expeditiously resolve grievances relating to Vehicle, contact details like Mobile No. or E-mail deficiency of services, there must be a robust and ID etc., the information can be obtained. efficient insurance consumer protection framework including internal and alternate Insurance, being complex and a subject matter of grievance redressal mechanisms. Thus, solicitation, is relatively not easy for a common insurance inclusion, insurance literacy and person to understand. The consumer education proposer/policyholder protection are the three initiatives of IRDA are aimed at ensuring that the pillars integral to the development and expansion consumer identifies his needs, understands the of the insurance sector. The Consumer Affairs insurance products and the risks involved Department of IRDA focuses on insurance literacy therewith so that he takes an informed decision and policyholder protection, thereby providing the while purchasing the insurance policy. Insurance platform for greater insurance inclusion. awareness campaigns by IRDA are carried out through all possible channels including print and We at IRDA, have taken a number of initiatives electronic media viz. newspaper ads and for policyholder protection while maintaining publications of handbooks/comic books, Radio/ delicate balance among regulatory and Television, Internet, Seminars as well as social development roles. Besides mandating insurance websites etc. The IRDA’s Consumer Education companies for doing business in rural and social Website hosts a lot of insurance related CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 information in simple language and has already Another focus area of IRDA is enhanced crossed 8 lakh hits within one year of its launch. distribution of basic insurance education material The feedback given by the visitors is being developed in-house. We are exploring all forms examined on an on-going basis to evaluate the of distribution channels and collaborating with effectiveness of the website and to fine tune the industry as well as other regulatory bodies for this contents so as to enhance its utility to general purpose. While utilizing Financial Literacy Centres public. is one such step in this direction, making available these booklets in local languages is another step. The proposed National Strategy for Financial All available alternative channels would be used Education envisages imparting of financial literacy to reach people across the nation for from early stages of one’s life. Keeping in tune disseminating insurance awareness. with this mandate, we are attempting to make the insurance education initiatives more interesting An insurance literate member of public helps in and interactive for the generation next. Our Young building market efficiency since it leads to more Corner which has been launched recently, is one efficient, transparent and competitive practices by such initiative. It contains games that are insurance service providers. An informed developed around the theme of insurance to proposer or policyholder monitors and affects the spread generic information among the children market through his decisions. The test for us at and young population. We are planning to reach IRDA is in balancing the twin objectives of our schools for making them understand about the mission viz. policyholders’ protection on one hand basics of insurance through animated films, and orderly growth of industry on the other. We games etc. We intend to provide access to our believe that ‘Consumer Education’ is the key to Consumer Education material on the mobile achieve both the objectives thereby leading to platform as well in due course. insurance inclusion. CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 Data Relating to Number of Complaints vis-a-vis Number of Policies and Claims Intimated 1 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 2 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 ANALYSIS OF LIFE COMPLAINTS VIS-A-VIS NO. OF CLAIMS Claims on which complaints were not received Claims on which complaints were received No. of death claims for 2011-12 : 1256607 99.52% No. of death claims complaints for 2012-13 6043 ANALYSIS OF LIFE COMPLAINTS VIS-A-VIS NO. OF POLICIES Policies on which complaints were not received Policies on which complaints were received 99.23% Total No of Policies for 2011-12 : 44160341 Total No. of Complaints for 2012-13 : 341012 3 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 ANALYSIS OF NON-LIFE COMPLAINTS VIS-A-VIS NO. OF CLAIMS Claims on which complaints were not received Claims on which complaints were received 99.79% Total No of Claims for 2011-12 : 14419630 Total No. of Complaints for 2012-13 : 30045 ANALYSIS OF NON-LIFE COMPLAINTS VIS-A-VIS NO. OF POLICIES Policies on which complaints were not received Policies on which complaints were received Total No of Policies for 2011-12 : 8574400 99.91% Total No. of Complaints for 2012-13 : 78927 4 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 Policyholder Protection and Welfare ... an update 5 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 6 CONSUMER AFFAIRS ANNUAL BOOKLET - 2012-13 Policyholder Protection and Welfare ... an update The Authority has been taking a number of initiatives IRDA established IRDA Grievance Call Centre (IGCC) for better policyholder protection, its primary mandate, in July 2010 with a Toll Free Number 155255. The apart from working towards development of the Call Centre is operational from Monday to Saturday insurance sector and the year 2012-13 was no from 8am to 8pm. IRDA constantly monitors its exception. activities and continuously explores possibilities for further improvements in IGCC services, on par with Leveraging technology international standards. On an average, IGCC receives 370 calls a day out of which approxmately 355 calls E-Repository of Insurance policies: are genuinely related to the complaints of policyholders. IGCC received 97,298 calls from April'12 to March'13. Last year, IRDA created a framework for an insurance IGCC replies
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